Herndon v. Wardlaw
Supreme Court of South Carolina
Before DeVorE, J., Yorkville, February, 1914. Claim by R. J. Herndon, as -a creditor to share in the distribution of the assets of the York Cotton Mills, an insolvent corporation.
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Before DeVorE, J., Yorkville, February, 1914. Claim by R. J. Herndon, as -a creditor to share in the distribution of the assets of the York Cotton Mills, an insolvent corporation. From an order allowing such claim, the receiver of the insolvent corporation appeals, and assigns the following errors: I. Error on part of the trial Judge in failing to exclude from the evidence: ' ' (a) A letter of April 4, 1910, Exhibit “A.” (b) The oral testimony of Herndon and Wardlaw as to transactions leading up to the execution of the contract, Exhibit “B.” (c) The testimony of Flerndon and Wardlaw as to…
1Opinion of the Court
The opinion of the Court was delivered by
Mr. Justice Hydrick.
On April 4, 1910, the respondent, Herndon, and York Cotton Mills, by its president, J. G. Wardlaw, made the following contract:
(.Exhibit “A
“Yorkville, S. C., April 4, 1910.
R. J. Herndon, Esq., Yorkville, S. C::
We agree to take $6,000 from you, say, on April 25th, May 27th and June 24th, 1910, to issue you preferred stock bearing interest at 7 per cent., payable semiannually. It being understood that after the expiration of one year, if so desired by you, and after due notice, that we will reimburse you for the amount or continue the…
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